Is there a banker in the house!! Something weird or different (for me) going on !

Many I am sure have read stuff about withdrawals from banks...well it has happened to me in a kinda sorta way.

background:

I sold a house and used a title company and everything was just peachy keen. The buyers paid out of a trust fund for the house. The check was deposited (funds were verified) on the 21st of February. I was told the funds would be on hold until the 25th.. On the 25th the bank released only $4800 of the deposited funds and is now saying the rest will be released on the 5th of March ? Supposedly anything over a $5000 deposit gets placed on hold; and this ain't Chase bank either but Wells Fargo ! The latest rules for anything over $5000 says the bank has eleven days to make the funds available for withdrawal.. Why?

I have purchased at least 7 homes and did remodeling and sold them over the last 20 years and it has always been the money gets deposited and is held for 3 days before it is available (if my memory serves me correctly). I am beginning to wonder if this is something new from the feds and their war on drugs or is there something more to it ? If anyone has an idea I would like to hear it or if you know when the banking policy (and why) it was changed your input would be appreciated.

reply to post by 727Sky



I've worked in a small local bank in the recent past, and this was our standard procedure on large third party checks:

$200 must be made available immediately
$4800 available on the 2nd business day (In addition to the first $200 for $5000 total by 2nd Business Day)
The remaining balance available on the 7th business day

The bank had the option to make the hold for less, but these were the maximum days allowed on deposits into existing accounts. Again, this is only what we did, I'm not claiming to be an expert on the subject and you should consult the law on the matter if you're having an issue. The law regarding this is part of the Expedited Funds Availability Act, if you're interested.

reply to post by 727Sky


Like Vor78, I used to work for banks as well. Holds have always existed and are basically used to assure that the money will actually be fully transferred and that nothing goes wrong. Holds may be placed on a bank's discretion. A large private check would traditionally face a longer hold while a well known corporation check may face a 24 hour hold or no hold. It's to avoid all sorts of sketchiness that can go on in banking like check kiting and whatnot.

Hopefully they release the funds to you soon.

Its happening with all banks with all my sellers complaining of the same thing.

The banks are claiming CERTIFIED FUNDS are still subject to CHECK CLEARING policies!

If that's the case, then at closings, the certified funds used for home purchase are also subject to pending clearings - nonsense

$5,000 certified funds has to wait 7 days, $10,000 certified funds has to wait 10 days, $20,000 certified funds has to wait 20 days etc these policies are inconsistent and utter bs

Between multiple financial executives commiting suicide, and certified funds being held for check clearance, its obvious whats going on behind the banks' doors:

Collapse! It's obvious the assets that back up (whatever's left of) our dollars' worth, are being sucked away by banksters and whats left is hundred dollar bills thru $500,000 certified funds that shall mean nothing anyday now - and banks know it

reply to post by 727Sky


Anything over 5K, and there's probably a new government list, of people that get to look at it, to see if they can take it through some legal loophole,,, starting with Eric Holder.

Only after it has been determined there are no possible scenarios to snatch it from you outright, they trickle it down to you under the watchful eye of the I.R.S.

Sounds wild and oulandish, right? Yeah, I bet it does.

Could just be a backlog in Utah, while they build the initial DB.

ETA:

On a more serious note, all these recent hesitations are a bit creepy to say the least.
It almost feels like they're waiting for something to happen, which will affect more than just transactions.

What could change so much in that few days time? The policy only means anything if drastic things can happen in a week. Odd

reply to post by lernmore


this is really close to it, actually.

These high dollar funds have to be reported and it takes time to check you out. In the meantime, the gov doesn't want you getting away with this money in case you are the taliban

Also keep in mind that the banks continue to earn interest on those funds until they are made available.... how much interest can they make on a few hundred or thousand dollars over the span of seven days? Very little... however, hold everyone's money for a few extra days here and there, and it adds up quickly. Just another way to turn a profit on money that isn't actually theirs...

I'm not sure, but I think there were some changes back when Check 21 legislation was put into law. I was under the impression that any transaction at a bank over $500 is reported to the feds (correct me if I'm wrong).

I've noticed with Wells Fargo, the larger the customer you are the better the service is. If you are a small time depositor, have fun dealing with Wells Fargo over the phone. I've been hung up on and even talked very rudely. Wells Fargo's saving grace for many is that they have branch locations in nearly every city/state.

reply to post by MystikMushroom


I thought it was 7k to 10k and above. Not sure of the amount, but that's what I was getting at earlier.

I don't drop 10K in my bank at any given time, so I never worried about the details.. lol

lernmore
reply to post by 727Sky

 

Only after it has been determined there are no possible scenarios to snatch it from you outright, they trickle it down to you under the watchful eye of the I.R.S.

Hmmm, THE I.R.S, I Think his Money is now, THEIRS. Funny how that pans out isn't it?

Gotta love this scam where the funds are held for more than a week like the Pony Express has to bring it in, or they need time to run the printing press in the rear room, because dog forbid the certified funds aren't certified, whatever the heck that means.

What part of ELECTRONIC INSTANT COMMUNICATION is not yet in process here? How can they not get a check with numbers on it, run the numbers through a database, verify they started out in another bank/Federal Reserve conjob, and then release your funds to you either in cold hard cash or something resembling that? (Hint: Don't take Bitcoin, things aren't looking good there)

And like Madmac said above, every minute they have thousands of people's Ones and Zeroes in their bank, that's lotsa pretend interest they're making on the Monopoly money they've managed to convince us is real.

And while I'm in this mood, why is ANYone doing business with Wells Fargo? Last one I was in resembled a whore house; the ditzy young female tellers were all dressed like hookers with six inch platform shoes (to stand up in all day long on slippery floors???) and the young men with their own desks all dressed in what looked like Chippendale or waiter uniforms. There wasn't anyone older than 25 in the whole joint. ATS ran a thread about how WF is famous for pushing multiple checking accounts, credit cards without their knowledge and other scams on people so that the staff can get their quotas; there's a reason no one over 25 works there; by then they've wised up and left.

I wonder if Lord Bankfiend's minions have to wait in line for their 5 million dollar bonus checks to be certified and paid out? Must make waiting for their next hooker and blow buy downright painful; 2 weeks! Damn, that's a long time when you're jonesing!

Thanks for the replies and thoughts.... I talked to one of the big boys at the bank that I have known for several years both in business and as a personal friend. He told me it sucks but as he understands the cause and reason for the hold is as follows: There has been many instances of large sums in the past deposited via wire transfer or check. As soon as the money is posted in the account the funds are withdrawn and the bank later finds out everything was fraudulent... The money did not exist and now the bank is holding the loss.. This is his understanding of the process plus the whole war on drugs bit was thrown in for good measure. I believe him for like I said he is a friend and if there was some dirty stuff going on and he knew about it I feel certain he would tell me. He is not the owner but is well placed in the hierarchy of the bank.

I have used Wells Fargo for over 50 years but even so I have changed my banking practices considerably.. I leave enough in W.F. accounts to cover automatic bill payments and the rest I transfer to my credit union and then transfer an amount overseas where we live most of the year.

By selling my stateside house I am closing out everything and moving full time to the farm overseas.... Been a while in the making because of having to sell the stateside house... Free at last !! hahah well kinda feels that way to me... Having to pay almost $7000 a year just to have a house in the USA (taxes and insurance coupled with the utility bills doubling after a smart meter was installed even when the house was vacant kinda capped it for me) just not worth it for us...

Moving is always a pain and moving overseas can be a bigger pain however after all the considerations this is something we have been seriously considering for a while now and as things have finally fallen into place with luck in the next few months we will have everything settled...

reply to post by 727Sky


Good luck to you overseas, if we could afford it we would join you there.
Pay no attention to the folks saying this is normal .......because it sure was not normal just a few years ago.

Its an old moldy thread but here is one I did a while back and I can fully understand your frustration.

www.abovetopsecret.com...

As you noticed we did too, the rules for money are changing faster than the alleged terrorists methods of destuction.
We have practically drained our account of any money, our bank hates us :-)

S&F
Regards, Iwinder